RIO Rio Tinto Limited

By Rhiannon Hoyle

Mining giant Rio Tinto on Tuesday said it produced more aluminum and copper in the third quarter of 2023 versus a year ago, but downgraded a full-year output estimate for its Canadian iron-ore operations due to plant setbacks and wildfires.

The world's second-biggest miner by market value reported aluminum production of 828,000 metric tons for the three months through September, up 9% on the year-prior period. Rio Tinto is one of the world's largest aluminum producers, running smelters in places including Canada and Australia.

The company said its output of bauxite, which is used to make aluminum, was up 2% on-year at 13.9 million tons.

Rio Tinto, also a large copper producer, reported a 5% increase in third-quarter mined copper output to 169,000 tons.

Rio Tinto said it has stuck with earlier full-year production estimates for those commodities.

However, the miner downgraded an annual output projection for the Iron Ore Company of Canada, or IOC, business. It now expects to produce between 9.3 million and 9.8 million tons of iron ore pellets and concentrate, versus a prior projection of between 10.0 million and 11.0 million tons.

"Operations were impacted by extended plant downtime and conveyor belt failures, while we also recovered from wildfires which took place in Northern Quebec in the prior quarter," Rio Tinto said.

Last week, the company, which is the world's top producer of iron ore alongside Brazil's Vale, said it produced 83.5 million tons of iron ore from its mammoth Australian iron-ore mining operations in the third quarter and shipped 83.9 million tons. The miner derives most of its income from digging up the steel ingredient in remote northwest Australia.

Rio Tinto expects full-year shipments in the upper half of its own 320 million to 335 million ton projection, albeit with a higher-than-anticipated quantity of low-grade ore.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

October 16, 2023 17:59 ET (21:59 GMT)

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